Tracking My Finances

I track our net worth with a spreadsheet, specifically Microsoft Excel. It's a spreadsheet I've tweaked and tailored over 14+ years and it's served me well. A spreadsheet won't pull a Quicken and start charging me an annual fee, which is nice. (here are some top Quicken alternatives if you're in that conundrum)

If you are interested in the broader methodology for our financial setup, this post on Building a Rock-Solid Financial Foundation forms the basis of our setup. In addition to the spreadsheet, I also maintain a Money Field Manual that explains, in plain English, what every account is for and how they relate. A spreadsheet is good for numbers but bad for explaining the logic behind each number.

Banking Tools

Ally Bank is my main bank and is the hub of my Financial Network Map. They have great high interest rates on their checking and savings account, their iPhone app has everything I need, and I don't see myself changing banks anytime soon.

Bank of America is a regular checking account that I use to deposit (rarely) and withdraw cash.

CapitalOne360 is still around because it used to be ING Direct and I use that as my bank account firewall with Paypal and other payment services. With a minimum of just $1, no fees, and a comparable interest rate to Ally Bank, there's no cost to keeping this around.

Investing Tools

Years ago, I used TradeKing because it offered $4.95 trades. Ally acquired them and it became Ally Invest, which I still use today. What's nice is I can access the account with just the Ally Bank login since they're connected. I never moved my holdings over to Vanguard because Ally Invest charges no fees and I didn't want to deal with transferring assets.

Vanguard is where I hold everything else because Vanguard has the best funds. I have a few stock holdings there too but the bulk of money is in mutual funds or ETFs.

RealtyShares is my crowdfunding platform of choice and the only place we've ever invested in crowdfunded real estate. I've looked at Peerstreet and Fundrise though too, it's worth checking them all out honestly because who knows who will have the best deal on a given day. Fundrise is also a bit different in the setup because you invest in a fund, rather than directly in properties.

Credit Cards

Our three main credit cards are the Southwest Airlines Rapid Rewards Visa Credit Card, The Starwood Preferred Guest® Credit Card from American Express, and the Costco Anywhere Visa Card by Citi.

We love the Southwest Airlines Rapid Rewards Visa Credit Card because it's our primary engine for earning a Southwest Companion Pass each year. The Companion Pass is one of the best frequent flyer perks out there and the card helps us get the 110,000 Rapid Rewards points you need to earn each year to maintain it. What's powerful is that you can get 50,000 Rapid Rewards points with a referral, more details here, plus you can earn up to 50,000 points in referrals each year.

The Starwood Preferred Guest® Credit Card from American Express is the cornerstone idea behind visiting Disney for free, since you can use the SPG Points at the Swan and the Dolphin. They're Disney-ish properties – you get perks like Extra Magic Hours, transportation and FastPass+ reservations but you don't get transport from the airport and complimentary Magic Bands.

Miscellaneous Tools

This area is for all the financial tools we use that don't fall into a nice convenient “money” category.

One tool that I don't use, and doesn't qualify as a free service, is You Need a Budget. We're at the financial point in our life when budgeting is no longer an important piece of our finances but we know how powerful it can be. You Need a Budget is a paid service that will get you on track and has been lauded by thousands. I met the founder Jesse Meacham many many years ago and I've always been impressed with their service.

Remember, this page is a work in progress and will constantly be updated and refreshed with the latest and greatest resources and tools I use or recommend.

About Jim

Jim Wang is a thirty-something father of two who has been featured in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.

He can show you the philosophies, strategies and methods he used to become financially independent and free to pursue what was important. He also found it awkward to write about himself in the 3rd person but here we are.

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Disclaimer

I am not a financial adviser. The content on this site is for informational and educational purposes only and should not be construed as professional financial advice. Please consult with a licensed financial or tax advisor before making any decisions based on the information you see here.

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